Budget 2024 : Economic Survey Highlights Prevailing Strengths of Indian Economy, Says PM Modi

Union Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2024-25 today (July 23), for the record seventh consecutive time. A total of twenty hours have been allocated for the debate on the Budget. Notable to mention, that in the interim Budget, the government had set a record target of Rs 11.11 lakh crore for infrastructure spending for the current fiscal. 

Credit growth remains robust mainly driven by the lending to services and personal loans. Agriculture and allied activities witnessed double digits growth in credit during FY24. Industrial credit growth was 8.5 per cent compared to 5.2 per cent a year ago, Economic Survey said. 

Here are the key numbers to watch out for the first full Budget of Modi 3.0 

Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal is 5.1 per cent as projected in the Interim Budget in February, against 5.8 per cent in the last fiscal year. The full Budget is expected to provide better-than-earlier projections as there has been tax buoyancy.

GST: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of 11.6 per cent. The tax revenue figures will have to be watched out for in the final Budget for the 2024-25 fiscal year

In August 2023, the price of domestic LPG cylinders was reduced by Rs 200 per cylinder across all markets in India. Since then, LPG inflation has been in the deflationary zone, further, Centre lowered the prices of petrol and diesel by Rs 2 per litre. Consequently, retail inflation in petrol and diesel used in vehicles also moved to the deflationary zone, Economic Survey said.

Raising concerns over growing obesity and increase of consumption of highly processed foods laden with sugars and fat, the Economic Survey 2023-24 blamed unhealthy diets for 54 per cent of the total disease burden in India.

The government's flagship Ayushman Bharat health insurance scheme has not only lowered the burden of healthcare costs on families but is also helping them avoid falling into debt due to catastrophic expenditure on treatment, according to the Economic Survey tabled in Parliament on Monday.

Product misselling is rampant in the insurance sector and can't be dismissed as a few rogue agents, the Economic Survey 2024 adding that there is a need for prompt and reasonable claim settlements and a lower rejection rate to boost insurance penetration.

 Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget on Tuesday for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai.

"Despite its centrality in India’s growth trajectory, the agriculture sector continues to face structural issues that have implications for India’s economic growth," the Economic Survey tabled in Parliament said.

From Rs 97,134 crore in Financial Year 2014, the gender budget has consistently increased, reaching Rs 3.1 lakh crore in FY 2025, the Economic Survey said on Monday.

Ministry of Statistics and Programme Implementation (MoSPI) has initiated the process of updating the base year for the Consumer Price Index (CPI) from 2012 to 2024 to enhance the precision and relevance of economic data, Economic Survey report said. 

Prime Minister Narendra Modi said that the Economic Survey showcases the outcomes of various reforms his government has brought over the years. 

About 673 crore passengers took train journeys in 2023-24, which is about 5.2 per cent more than the previous financial year, according to the Economic Survey tabled in Parliament on Monday.

Stock markets closed lower on Monday with benchmark Sensex dropping 102 points due to selling in index heavyweight Reliance Industries and Kotak Bank on muted earnings and caution ahead of the Union Budget.

The Lok Sabha's business advisory committee on Monday decided to discuss issues related to the ministries of railways, education, health, MSME, and food processing besides the Union budget, which will be presented on Tuesday. A total of 20 hours has been allocated for the debate on the budget.

Centre has sacrificed a large portion of revenue from Goods and Services Tax (GST), up to 1 per cent of GDP, every year since the rollout of the new indirect tax regime to fund a 14 per cent compensation guarantee provided to states, former Chief Economic Advisor Arvind Subramanian said.

Economic Survey revealed a significant decline in expenditure on food and fertiliser subsidies, which fell by 24.6 percent and 22.4 percent respectively in FY24. Additionally, the expenditure on major subsidies decreased by 22.1 percent year-on-year.

The per capita income in India is projected at Rs 14.9 lakh by 2047 when the country attains the 100th year of its Independence. As per a presentation made by the Chief Economic Adviser Nageswaran at a press conference, the per capita income is currently Rs 2.12 lakh in 2023-24. In dollar terms, it is at USD 2,500.

Highlighting threats posed by Artificial Intelligence to India's Business Process Outsourcing (BPO) sector, Chief Economic Advisor Nageswaran said, "The short-term challenge of generative AI could slow BPO sector growth, affecting customer services. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster."

“India is poised to remain the fastest-growing major economy in 2024-25…Household savings of Indians in physical assets have been increasing over the past three financial years through 2023-24” CEA said at a press conference. 

Union Minister Ramdas Athawale said that more development projects will be announced in the budget to be presented tomorrow.

In the Economic Survey, India's Chief Economic Adviser V Anantha Nageswaran said that India could either integrate into China's supply chain or encourage foreign direct investment (FDI) from its neighbor to enhance global exports.

'Exports Doing Quite Well, Pvt CapEx Growing', Chief Economic Advisor

Economic Survey 2023-2024 tabled in Rajya Sabha

The ninth chapter is on ‘AGRICULTURE AND FOOD MANAGEMENT: PLENTY OF UPSIDE LEFT IF WE GET IT RIGHT’; it includes Agriculture Production: Performance and Promoting Crop Diversification, Allied Sectors: Animal Husbandry, Dairying and Fisheries are significant growth drivers, Food processing sector (FPI): Processing Potential and Food Management: Social net for food security.

Chapter 8 is about ‘EMPLOYMENT AND SKILL DEVELOPMENT: TOWARDS QUALITY’; it includes Current Employment Scenario, Youth and female employment, The Evolving Landscape of Jobs in India, Requirement of Job Creation until 2036, Developments and Progress in Skilling and Conclusion and Way Forward.

The seventh chapter of the Economic Survey is ‘SOCIAL SECTOR: BENEFITS THAT EMPOWER’; it includes Dovetailing Growth with Empowering Welfare: A Paradigm Shift, Social and Economic Empowerment of Women, Rural Economy: Driving the Growth Engine, Towards Sustainable Development and Conclusion and Way Forward.

The sixth chapter is on ‘CLIMATE CHANGE AND ENERGY TRANSITION: DEALING WITH TRADE-OFFS’; it includes Present Status of India’s Climate Action, Adaptation is Critical for India, Low Carbon Development and Energy Composition, Putting in Place a Market Framework to Price Carbon: Indian Carbon Market, International Commitments on Climate Finance: The Developments and India’s International Initiatives to Address Climate Change Issues.

Lok Sabha has been adjourned till 2.30 pm.

IMF has projected an inflation rate of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India: Economic Survey 2023-24

Assuming a normal monsoon and no further external or policy shocks, the RBI expects headline inflation to be 4.5 per cent in FY25 and 4.1 per cent in FY26: Economic Survey 2023-24

The RBI and the IMF have projected that India's consumer price inflation will progressively align towards the inflation target in FY26: Economic Survey 2023-24

The fifth chapter is on ‘MEDIUM TERM OUTLOOK: A GROWTH VISION FOR NEW INDIA’; it includes Setting the Context, Key Areas of Policy Focus in the Short to Medium Term. Growth Strategy for Amrit Kaal: Strong, Sustainable and Inclusive and Outlook in the Medium Term.

The fourth chapter is on ‘EXTERNAL SECTOR: STABILITY AMID PLENTY’; it talks about the Changing Global Trade Dynamics, India’s Trade: Resilience Amidst Global Turmoil, Favourable Current Account Balance, Capital Account Balance, International Investment Position, Stable External Debt Position and Outlook and Challenges.

The third chapter of the Economic Survey is ‘PRICES AND INFLATION: UNDER CONTROL’; it includes Domestic Retail Inflation, Core Inflation Dynamics in the Post-pandemic World, Food Inflation, Interstate Variations in Retail Inflation and Outlook and Way Forward.

PM to meet Haryana MPs at 1.15pm inside parliament

Indian capital markets emerged as one of the best-performing among emerging markets in FY24: Economic Survey

Escalation in geopolitical conflicts and its impact may influence RBI’s monetary policy stance: Economic Survey

'India's services exports more than doubled in 9 years'

'Decline in global commodity prices bodes well for India's inflation outlook': Economic Survey

According to the Economic Survey tabled in the Lok Sabha, “Inflation in India is under control.”

Double digit growth in bank credit: Economic Survey

‘Govt is ensuring inclusivity of growth’: Economic Survey

Survey : Relatively low domestic inflation, high growth and stable external sector are imparting resilience to economy

Quality of govt expenditure is improving: Economic Survey

The Economic Survey has projecteed a real GDP growth at 6.5-7% for FY25.

Investment being driven by private and public capex with households also pitching in: Economic Survey

Economic survey says, India's GDP growth expected to remain robust

The second chapter is ‘MONETARY MANAGEMENT AND FINANCIAL INTERMEDIATION: STABILITY IS THE WATCHWORD’; it includes Monetary Developments, Financial Intermediation, Performance of the Banking Sector and Credit Availability, Trends in Indian Capital Markets, Developments in the Insurance Sector, Developments in the Pension Sector and Assessment and Outlook.

The first chapter of the Economic Survey is ‘STATE OF THE ECONOMY: STEADY AS SHE GOES’ and it includes the Global Economic Scenario, A Resilient Domestic Economy, Macroeconomic Stability Safeguards Growth, Inclusive Growth and Outlook.

Finance Minister Nirmala Sitharaman has said that the Economic Report is the ‘precursor to the Modi 3.0 Budget’. 

Finance Minister Nirmala Sitharaman presents the roadmap for the current financial year in the Lok Sabha.

FM Nirmala Sitharaman Tables Economic Survey in Lok Sabha.

On government employees can now participate in RSS activities, AIMIM MP Asaduddin Owaisi says, “After the assassination of Mahatma Gandhi, Sardar Patel and Nehru's government banned RSS. The ban was lifted because they had to agree that they will respect the Indian Constitution, they will respect the national flag of India and they had to give their written constitution and in that, there were many conditions that they will not participate in politics…”

“It is a good start of the session. Questions are being asked. Minister is answering on NEET. Opposition is raising questions. This has been the tradition. All the issues will be discussed…”, BJP MP Rajiv Pratap Rudy.

Union Finance Minister Nirmala Sitharaman says "A lot of steps have been taken on Ease of Doing Business. Nearly 11 steps have been mentioned in the reply, but most importantly Decriminalisation of 63 offences and as a result of which companies today are able to carry on their functions without the worry of compliance. A central processing system has also been set up."

“I want to underline the fact that reforms being bought is a remarkable step taken forward; we are far ahead of many other countries. Ease of doing business reforms coming up”, FM Nirmala Sitharaman. 

Finance Minister Nirmala Sitharaman is addressing the Lok Sabha and brefing the house on the ease of business.

Former Congress Chief Sonia Gandhi has arrived for the Budget Session going on in the Parliament; FM Nirmala Sitharaman will be presenting the Economic Survey today.

Congress MP and LoP in Lok Sabha Rahul Gandhi says "As this (NEET) is a systematic issue, what exactly are you doing to fix this issue?

To this, Education Minister Dharmendra Pradhan says "...A lie will not become truth just by shouting. The fact that the Leader of Opposition says that the country's examination system is rubbish, is highly condemnable..."

SP MP Dimple Yadav said, “The government wants to divert our focus on unimportant things. They don't want to talk about unemployed youth. They should focus on infrastructure and employment instead.”

On government employees can now participate in RSS activities, Congress MP KC Venugopal said, “It is a very unfortunate movement from the government side. The government is not learning any lesson from the people's verdict.”

"We are sad since we were demanding discussion over NTA & NEET for the entire day but the govt doesn't want that. In today's question hour, I don't think that there is any scope for any real discussion, the way it should happen..."

'Cong Failed To Reform Edu System': Dharmendra Pradhan

‘If you are rich you can buy everything and that is what everyone feels’, Rahul Gandhi on frauds in examination system.

Akhilesh Yadav asked, “This govt will create record of paper leak, there are centres where many students recorded numbers as high as 650 so were these centres properly investigated?”

‘Political parties doing neet politics, we have nothing to hide’, Dharmendra Pradhan

The Rajya Sabha Session has begun, FM Nirmala Sitharaman will table the Economic Survey at 2:00 PM.

The Lok Sabha Session has begun, FM Nirmala Sitharaman will table the Economic Survey at 1:00 PM.

"It's a matter of great pride for every Indian that India is the fastest-growing country among the countries with large economies. In the last 3 years, we are moving ahead with a continuous growth of 8 per cent...": PM

"It's a matter of pride that after 60 years, a govt has come to power for the 3rd consecutive time & will present the first Budget for the 3rd time...This Budget is important budget for 'Amrit Kaal...": PM Modi

While addressing the media ahead of the Budget Session, PM Modi has called this session a ‘positive session’.

In an indirect message to the Opposition, PM Modi said, “'Session Not For Parties, But For Nation”.

“This parliament is for entire population of India and the country needs an ideology that uplifts it, drives it toward the development. We have to use the positive ideology to take nation forward”, PM Modi

“For 2.5 hours, there was an attempt to shut the voice of the PM and nothing can be worse for democracy. But there is no regret for that also..”, PM Modi ahead of Budget Session.

‘There was negative politics of some parties but I urge to all parties that we have many first time MPs - give them opportunities’, PM Modi.

"I urge to all MPs, that since January with all strength we had, we have fought as much as we could but that phase is over and now nation has given the mandate. Now we have to fight for nation.”

PM Modi said, "With positive outlook, investment and performance, We are at peak of opportunities"."

'Nation is a rapidly growing nation; with 8% growth rate, we are moving forward', PM Modi

'This Budget to be Foundation for 2047': PM Modi

Prime Minister Narendra Modi arrives at the Parliament

 '...This recent move is to justify the changing demography of West Bengal. What's happening in Bengal is unfortunate...the illegal infiltration in the state is affecting states like Jharkhand, Assam...' says BJP leader Ravi Shankar Prasad in a press conference on CM Mamata Banerjee's statement of allowing people to take shelter in the state from violence-hit Bangladesh

Prime Minister will address the parliament as the budget session kicks budget session

On the Parliament Session, MoS Parliamentary Affairs, Arjun Ram Meghwal says “We had an all-party meeting yesterday in which all the issues of the Opposition were mentioned by them, we have noted down…”\

On Union Finance Minister Nirmala Sitharaman to table the Economic Survey Report 2023-2024, RSP MP NK Premachandran says, “...We expect some exemptions, especially in direct tax. The government is well served because RBI has already provided Rs 2.11 lakh crores as dividends…”

Security personnel have been deployed at the Parliament House ahead of the Budget Session which will commence shortly. 

Massive fire breaks out at a chemical warehouse in UP's Kanpur. More details are awaited.

Congress MP Manickam Tagore gives Adjournment Motion Notice in Lok Sabha and so does Congress MP Manish Tewari.

Mumbai and other parts of Maharashtra have received heavy rainfall since morning.  In view of the heavy rainfall warning, the administration has declared a holiday for schools  in many districts on Monday.

Indian shooting contingent has arrived in Paris to participate in the Olympics games. The Paris Olympics will kick off on July 26

A major terror attack occurred at an Army picket in Jammu and Kashmir's Rajouri early Monday morning at 4 AM, when terrorists opened fire on an Army post. The incident resulted in two people being injured, and a counter-insurgency operation is currently underway.

Economic Survey will be presented today by Nirmala Sitharaman a day before the union budget

 Security tightened at Nuh in Haryana ahead of Brajmandal Jalabhishek Yatra that commences today.

Security forces launched a cordon and search operation in Jammu and Kashmir's Rajouri district after suspected terrorists fired at a security post

Prime Minister Narendra Modi to address the parliament ahead of budget session at 10 AM.